Gold declined modestly Wednesday after two straight days of 40-cent gains, but still marked a 5-3/4-year low. Silver closed at an 11-week low and extended its losing streak to eight sessions.
Gold for December delivery dipped $3.60, or 0.3%, to settle at $1,084.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Feb. 10, 2010 when prices ended at $1,076.30 an ounce.
"Overall trading activity in the U.S. was quieter Wednesday as it was the Veterans Day holiday, when most of the U.S. government and most banks were closed," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Lower Nymex crude oil prices that were poised to close at a 2.5-month low close Wednesday were also a bearish ‘outside market’ working against the precious metals bulls."
Gold prices ranged from a low of $1,083.20 to a high of $1,093.50. They are 0.3% lower on the week.
Silver for December delivery dropped 9 cents, or 0.7%, to $14.26 an ounce, the lowest since Aug. 26 when the settlement was $14.04 an ounce. Silver prices ranged from $14.23 to $14.49. They are 2.9% lower than Friday.
In other precious metals futures on Wednesday:
January platinum declined $16.40, or 1.8%, to $883.10 an ounce, trading between $880.80 and $907.90.
- Palladium for December delivery fell $20.80, or 3.5%, to settle at $577 an ounce, ranging from $574.70 to $603.
London Precious Metals Prices
Earlier fixed London gold and silver prices also declined. In comparing their prices from Tuesday PM to Wednesday PM:
- Gold shed $1.20, or 0.1%, to $1,085.90 an ounce.
- Silver fell 11 cents, or 0.8%, to $14.44 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales
U.S. bullion sales were muted Wednesday as the United States Mint was closed in honor of Veterans Day.
Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||This Week||Oct Sales||Nov Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||4,500||8,500||26,000||13,000||559,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||0||4,000||0||67,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||4,000||4,000||6,000||152,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||30,000||10,000||50,000||40,000||920,000|
|$50 American Buffalo 1 Oz Gold Coins||0||4,500||1,500||10,500||6,000||187,000|
|$1 American Eagle 1 Oz Silver Coins||0||1,079,500||1,016,500||3,788,000||2,096,000||41,938,500|
|2015 Homestead 5 Oz Silver Coins*||Sold Out||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||45,000|
|2015 Bombay Hook 5 Oz Silver Coins*||45,000|